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Authorizing the Memorandum between City of South Bend & South Bend Industrial Associates
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Authorizing the Memorandum between City of South Bend & South Bend Industrial Associates
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11/10/2015 10:29:01 AM
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
8/27/1984
Ord-Res Number
1190-84
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RESOLUTION NO. t\Qa-R'( <br /> A RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MEMORANDUM OF <br /> INTENT BETWEEN THE CITY OF SOUTH BEND, INDIANA AND SOUTH BEND INDUS- <br /> TRIAL ASSOCIATES PROVIDING FOR THE ISSUANCE BY SAID CITY OF ITS ECONO- <br /> MIC DEVELOPMENT REVENUE BONDS PURSUANT TO THE PROVISIONS OF INDIANA <br /> CODE, TITLE 36 , ARTICLE 7 , CHAPTER 12 , AS AMENDED. <br /> The area still has insufficient employment opportunities and insuf- <br /> ficient diversification of industries, which conditions are harmful to <br /> the economic stability and general welfare of the area and, if not rem- <br /> edied, will be detrimental to the development of such area . <br /> The City of South Bend, Indiana (the "City") is authorized under <br /> the provisions of Indiana Code, Title 36 , Article 7 , Chapter 12 , as <br /> amended (the "Act") , to acquire, construct and finance economic develop- <br /> ment projects for the users thereof and to provide for the issuance of <br /> revenue bonds in conjunction therewith. <br /> The City, in order to implement the public purposes enumerated in <br /> the Act and in furtherance thereof to induce South Bend Industrial Asso- <br /> ciates, an Indiana limited partnership (the "Borrower") to finance the <br /> purchase of land and construction and equipping of improvements on real <br /> estate to be purchased by the Borrower (hereinafter collectively called <br /> the "Project" ) within the limits of City of South Bend, Indiana, has <br /> indicated its intent to issue its revenue bonds under and pursuant to <br /> the provisions of the Act and to apply the proceeds therefrom to the <br /> payment of the costs of the Project. <br /> The Borrower, after considering a number of possible locations <br /> within and outside the State of Indiana, and in reliance upon the intent <br /> of the City to finance the Project through the issuance of revenue bonds <br /> under the provisions of the Act, has determined to construct and Project <br /> within the limits of the City of South Bend, Indiana. <br /> It is now deemed advisable to authorize the execution and delivery <br /> by the City of a Memorandum of Intent expressing formally and in writing <br /> the understanding heretofore formally agreed upon by the City and the <br /> Borrower. <br /> NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City <br /> of South Bend, Indiana as follows : <br /> SECTION 1 - The Mayor is hereby authorized and directed to execute <br /> a Memorandum of Intent by and between the City and the Borrower and the <br /> City Clerk is hereby authorized and directed to affix the seal of the <br /> City thereto and to attest the same; and said Mayor and City Clerk are <br /> hereby authorized and directed to cause said Memorandum of Intent to be <br /> delivered to, accepted, and executed by the Borrower, said Memorandum <br /> of Intent, which is hereby approved and incorporated by reference and <br /> made a part of this authorizing resolution, to be in substantially the <br /> form attached hereto. <br /> SECTION 2 - All resolutions and orders, or parts thereof, in con- <br /> flict with the provisions of this resolution are, to the extent of such <br /> conflict, hereby repealed and this resolution shall be in immediate <br /> effect from and after its adoption. <br /> This inducement resolution shall be in full force and effect from <br /> and after its adoption by the Common Council and approval by the Mayor. <br /> 140/ <br /> c 7 <br /> 11".- _ -/ ' <br /> ��� Member of the C6b on Council <br /> FEED IN CLE OFFICE <br /> PRESENTED 8-a7_J'/ AUG 2 2 1984 <br /> NOT APPROVED <br /> ADOPTED 8'a7- Ay Irene Gammon <br /> IN URI( SUUIH REND, <br />
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